Heralded as the ‘unfair advantage’ in the battle to provide property buyers an easier way to secure a deposit, proptech platform Coposit has helped some of Australia’s top projects achieve significant sales results over the past six months.
The Sydney-based Coposit is gaining traction among major developers with its ‘10k upfront deposit’ system getting multiple sales over the line for buyers including investors, owner-occupiers and first-home buyers.
Coposit, co-founded and headed by brothers Dan and Chris Ferris [pictured, top], allows buyers to secure their new off-the-plan apartment or house-and-land package by paying the deposit in weekly instalments over the course of construction.
Among the growing list of developers to partner with Coposit are Top Spring Australia, Frasers Property Australia, Third.i, Mulpha, Azure, and Dasco, all of which have allocated a select range of properties to the platform as part of their broader marketing strategy.
The developers have been able to leverage Coposit to achieve significant sales results at project launch events, as well as B2B-channel events.
“Coposit brings a compelling advantage to our partners’ project launches, resulting in rapid adoption and an exponential sales boost,” Coposit’s head of sales Tom Ogilvie said.
“We have been able to integrate our offering seamlessly into every developer’s launch campaign, with the ability to target multiple buyer types through tailored messaging and benefits.”
Luxury residential developers Top Spring Australia and Goldfields are among the developers deploying Coposit in their project marketing strategy.
Sydney-based Top Spring Australia has just closed off a successful launch of The Newlands, a multi-stage residential development at St Leonards on Sydney’s lower North Shore, where it sold the full allocation of Coposit stock within the first month of launching.
“Top Spring went on to achieve record sales within the first six months of sales and has applied a further allocation of stock to be sold with Coposit available for stage one due to the resounding success,” said Blake Schulze, the national director Residential at Colliers, which is marketing The Newlands.
“Melbourne based Goldfields also had a resounding result utilising Coposit for its The Bryson project, with all allocated stock completely sold out within the first month, which included a staggering $2.57 million sale—a record for Coposit.
“Coposit is definitely an option developers should be considering at project-launch stage.”
Third.i Group’s transformational development Dairy Farmers Towers in Newcastle’s CBD is another major project that is benefiting from the Coposit advantage.
Dairy Farmers Towers, which holds the NSW Coposit sale price record of $2.15 million, had 20 apartments allocated to be sold via Coposit during its launch.
Project marketer Urban Activation achieved 10 sales via the platform at the B2C launch on the night of the event. One of Urban Activation’s own agents, Bella Gough, even purchased an apartment via the platform.
Luke Berry, co-founder and director of Third.i, said Coposit was a “gamechanger”, especially for young people looking to get on to the property ladder.
“It’s a fantastic platform that allows buyers to put down a $10,000 deposit and ‘Coposit’ the rest during construction,” Berry said.
“I’ve been doing this a long time and very rarely is there a service that is of benefit to a consumer and to me as a developer that gets these young people interested in my properties.
“Paying a deposit to buy in today’s dollars, knowing that in two years the Newcastle CBD is going to evolve and grow in value, I think it’s a really strategic way for first-time property buyers, investors and owner-occupiers to get involved in property.
“We are very excited about Coposit and what it means for the future of the industry.”
Meanwhile, in its first collaboration with Coposit, Frasers Property Australia is gearing up to offer buyers the opportunity to secure a collection of apartments via the platform at its masterplanned Treehouse at Midtown MacPark project.
“When we heard about the Coposit offering, we immediately knew that this was the missing piece for us,” said Dino Carulli, sales and marketing director at Frasers Property Australia.
Coposit, which works with developers across the eastern seaboard in NSW, Queensland, Victoria and the ACT, has already assisted hundreds of first homebuyers to get into the market.
The company has 37 projects on its books with expectations that this number will triple by the end of FY24.
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